Complications mounted yesterday for the embattled cable company Adelphia Communications, as one of its units (Century Communications) filed for bankruptcy protection, two newly appointed Adelphia directors resigned (including Leonard Tow) and the company filed documents showing it had overstated revenue and cash flow for the last two years.
... Some Internet cable services that Adelphia carried had paid the company in stock, which was booked as revenue. When the value of the stock declined, though, Adelphia had not reduced its reported revenue accordingly.
Bankruptcy of a Division May Signal Adelphia's Fall